Exploring the following group of analysts will produce one of the more fascinating introductions to key indicators of economic stress. Have a good long look at the work of the EIG. It will give you RTC. Put your zip code in the search box and for the Ninth Congressional District insert NY-9 in the map below.
In NYC, opportunities to become involved in innovation for economic recovery could be the Ninth Congressional District. Find people who have read Section Subchapter Z— Opportunity Zones in the Tax Reform Act. (pdf is HERE) Only 25% of CTs (defined as low-income can be nominated by the State. NYC has several of these ‘zones’ from previous designations. (EIG explanation). If anyone has any insight into this EIG outfit, please share.
The “whew” chart describes Senate’s tax plan before it went to reconciliation in December 2017. July 2017 this testimony from CBO sums up the bill best and the closest to the truth of what happened. In the first years, the number of households that will see a few extra dollars will be significant, while billions transfer to the accountants of the ultra-wealthy.
The percentage of those who are in the blue “one billion $ or more group” with household incomes over $75K, get something back. Can you hear them say “whew” to express relief?
The red group (households less than $75K) is the most difficult to mobilize and organize, but also easy to divide and conquer. Therefore they will be the ones who are paying for one economic assumption?
During the ten-year period, the corporations of America will form “C” corporations to hide their wealth and instead, take risks with their money and develop jobs and businesses.
The deep-end details from the Center on Budget and Policy Priorities are here, and this from Brookings “The Next Tax Shelter” (full article) could make you crazy, so beware. In brief:
“Under the Senate bill, the top rate on wage earners will be 42.3 percent (including income and payroll taxes). When taking into account the benefit of the new deduction for pass-through business owners, the top rate on the income of pass-through business owners will be 29.6 percent. (For more on the differences between C-corporations and pass-through businesses, read this primer.)”
Last on what would Warren Buffet do in an article from Forbes. HERE.
Planning for Tax Law 2018
The next best place to go is the Tax Policy Center created by the Urban Institute and Brookings Institution. They produced an extensive series of reports for states entitled, Prepping for the 2018 Legislative Session.
It is written in a way to help public officials and reporters explain the new rules and then help the public to understand them. It is unlikely any of them will say “hey your about to get screwed by this tax policy as it sustains classic Chicago School assumptions.
Thanks for help regarding the impact on New Yorkers of low- and moderate-income in any analysis you might find.